Indianapolis Times, Volume 45, Number 163, Indianapolis, Marion County, 17 November 1933 — Page 21

Second Section

4Book BiNook

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Alice Roosevelt Longworth

For a long time it was suspected that Alice Roosevelt Longworth some day would write her memories. It's been done. The title is "Crowded Hours." Teddy’s daughter has written a highly interesting account of her highly interesting and crowded life. Scribner’s published this book some weeks ago. a a a BY WALTER D. HICKMAN ARSENE LUPIN, the gentleman crook, is far from dead. He pops up again, very much alive, in the novel "The Woman With Two Smiles.” Maurice Leblanc, who created Arsene. the fascinating character, makes Lupin as vigorous and as interesting as when he first was placed on paper by the author. Lupin is a crook, but a crook who does not prey upon innocent people. A gentleman, he helps unfortunates in their battles against organized crooks. For many years I have felt that when talking about interesting characters of modern fiction, Sherlock Holmes and Arsene Lupin must be mentioned together. The fact is that the two Actioned characters, so entirely opposite, have lived longer in the popular mind than any other characters in the detective and criminal world. u * u IN "The Woman With Two Smiles.” Lupin masquerades under several names, but he causes most of the trouble for the French gendarmes and for "Big Paul” and his crooks under the name of Monsieur Raoul. It is Lupin's sleuthing which solves a fifteen-year-old murder mystery and brings about the death of "Big Paul” and the extermination of his murderous and blackmailing gang. This some successful sleuthing makes a veritable monkey out of Chief Inspector Gorgeret of the French police and the fact that Lupin is in a position to broadcast that fact to the world results in Arsene s escape with a beautiful blond to Spain, there to live happily in seclusion • , . until, of course, the author decides to return Lupin to the printed page. nun THE reader Arst is concerned with the ’’murder” of Elizabeth Hornain, a great opera ainger. while she sings before friends at the beautiful estate of Monsieur and Madame de Jouvelle. The last man to speak to Elizabeth was the Marquis d’ Erlemont. Fifteen years after the singer's death. Chief Inspector Gorgeret still is trying to solve the mystery, although he is most interested in capturing "Big Paul” and his sweetie, blond Clara. From then on the reader is thrust into one Aght after another as Arsene Lupin gets busy in an effort to solve the murder and to release the marquis from. the clutches of his mysterious enemies. m n n One of the author’s Ane achievements is that he permits the reader to be at the elbow of both Lupin and Gorgeret when anything of importance happens. Here is really splendid melodramatic writing as the author is a wizard at creating both action and suspense. Every one of his characters could step from the printed page and re-enact in real life the things they do in the book. I can guarantee several exciting and interesting hours as you touch elbows with the chief of the French detectives and the gentleman crook. "The Woman With Two Smiles" Is published bv Macaulay. It sells lor $2. MU* *Y7' ARN’S Bridge Service" is not IV. just another book on bridge, but a service which permits one to kep his bridge game right up to the minute. Mr. Karn. an acknowledged authority on the game, declares that •’the expert's daring and brilliant innovation of today becomes the convention of the average player of tomorrow.” To give the player who purchases a copy of this book a •■full library" on bridge the author makes it possible for the buyer to receive anew supplement every three months. The book is a loose-leaf affair so the supplements may be added as published. This really is a growing library and permits one to keep his bridge knowledge upto date. The book as it stands now is complete in its discussions of the many hands in bridge. It is published by Ray Long and Richard R. Smith. Inc., and sells for *2.50. The supplement service •ells for $1 a year.

roll I .eased Wlra Berric* of the trotted Preaa Association

BEAR MARKET BRINGS VARIED DOLLAR VALUES London Gold Rate Still Is Higher Than Figures Quoted in U. S. By I nitrrl Prmn LONDON. Nov. 17.—Bear syndicates' operations sent the dollar fluctuating over a wide range today as the London open market gold rate was continued at a far higher level than Washington's. The pound opened at $5.3G. 22 cents down from its closing price yesterday of *5.52 and half a cent below its opening price Wednesday of $5.30' 2. Yesterday the pound opened at $5.46 4. In trading today the pound went to *5.314, $5.344 and $5,384. Then it dropped back to $5.35. The wide range of prices was attributed to the necessity for syndicates of bear speculators to cover part of their committments. They had sold large amounts of dollars short in anticipation of further depreciation. Today’s gold rate was $34.51, against the Washington rate yesterday of $33.56. The French franc hardened against the pound, opening at 82%. It opened yesterday at 32 9-16 to the pound and closed at 824. The Daily Herald. Labor party organ, in an article headed "Roosevelt’s Bid for Gold Control,” said today that operations in international money markets yesterday revealed a struggle for world currency supremacy. President Roosevelt, the Herald said, was attempting to become a gold dictator in order to force the world to accept a managed currency based on commodity prices while Montagu Norman, governor of the Bank of England, and Clement Moret, governor of the Bank of France, were championing currencies based on the gold standard and now were making a last ditch stand. WINS SSO JUDGMENT ON VALENTINO PHOTO i Photographer Had Asked Court for SIOO,OOO. By United Prmn LOS ANGELES. Nov. 17.—The use of a picture of Rudolph Valentino in turban and loin cloth had won a SSO judgment today for Arthur Shirley, photographer, in his suit against Motion Picture Publications, Inc. Shirley asked SIOO,OOO on charges that the picture was printed without giving credit for its ownership.

slrauss GENTLEMEN! 480 of The FAMOUS sails Wearington Overcoats Night Till 9 i 1 • JUST IN! On Sale Tomorrow Morning at—- ’ —-° UP ° NE I ViJ J ALL jW ■yi soc aa ?■ (mm jl BN GROUP TWO FITTED Jyl Bought in October, after we got the "feel" \ —JI * * I °f public demand-on sale tomorrow for the first time. Wv ||g M W They are the foremost values in the popular priced r i idli 1 field! They are fresh and new, they are entirely 1 VS\* - - v \ away from the stale old types and the boardy effects. Ii a^r ' cs are s °fr —Yet plenty tough when it comes v J j to wear. The Overcoats are carefully cut with plenty /|; < * juf 1 new u^ter types and the more dressy effects, r 1 -mLMF li .1 including the Great Belted Coats that are going iwM / We Are Open Till 9 Saturday Night raPaj I; L. Strauss 6t Cos. * W “THE HOME OF THE OVERCOAT", *

The Indianapolis Times

MAPS ROUTE OF CURRENCY

Farmer-Professor Leads Dollar Control Parade

This Is the second of three articles on "Up With Prices." in which Willis Thornton, professer. explains for readers the theories and the steps taken by the administration to raise commodity prices and bring back good times as they prevailed in 1928; theoretical model year." BY WILLIS THORNTON Times Special Writer SOME of the farm buildings seemed to need paint pretty badly. It didn’t look like a model farm—this 125-acre place outside Forest Home, N. Y., near Ithaca. A reporter w f as puzzled. *He asked George Warren about it. And he got a good idea of the very practical mind that is helping to shape the government's new money policy, the chief aim of which is to raise prices. Professor Warren explained his unpainted farm buildings like this: "You never saw a building fall down for want of paint. You paint a barn roof to preserve the barn. You paint a house to sell it. But you paint the sides of a barn to look at —if you can afford it!” It was last July, three months ago, that Cornell’s Professor WarrenC and Professor James Harvey Rogers of Yale became members of the brain trust. It was announced that they were to make a study of federal Anances, and some guessed that they were to Agure out just how Uncle Sam was to take care of his mounting twenty-three billions of debts. But most guessed they were to Agure out what could be done with money to raise prices. Associates of Professor Warren at Cornell will tell you that the professor is a ferret for facts. “Get the facts” is his lifelong motto, and the creed that he has taught thousands of students at Cornell, where he heads the agricultural economics department. A very practical man, no theorist, is Professor Warren. n PROOF of this is found in his success as a farmer. Shortly after he came to Cornell in 1906, he became interested in a survey of fruit farms, to learn why farmers weren’t making any money. , He Agured that the best way to And out was to do it himself, so he bought a forty-acre farm. He became convinced there was no money in the small farm, so he added to his holdings until he had 500 acres. He raised cash crops, had a large herd of Holsteins, and made money—plenty of it. The farm had to “go it alone,” for you don’t make up much of a farm deAcit with what’s left of a professor’s salary after you’ve reared six children. Professor Warren explained recently how 1926 prices came to be chosen as the goal in the race for anew managed currency and stable price level. First place,

INDIANAPOLIS, FRIDAY, NOVEMBER 17, 1933

v£— — gSii re? Professor George Frederick Warren, right, proved himself a JEjT WujaMSL fiHr 1 practical farmer by his opera- jHiF buildings >.f which are shown at Ip wT ? .1 wh, Japs top Professor Warren is chief F fflt JlflFjSfe- j .., author of the present plan to MSB M V ?Hf cheapen dollars and raise prices jBjPIL jßlst . v t by buying gold . . . which is be- jgferJHgK | Jjj ing carried on bv Governor George \., r f^plj||||| L. Harrison, above, New York Fed- / J aBSH|Pj|B eral Reserve bank. 1 w ... / . A Ws&MM

Professor George Frederick Warren, right, proved himself a practical farmer by his operations at Forest Home, N. Y., the buildings of which are shown at top . . . Professor Warren is chief author of the present plan to cheapen dollars and raise prices by buying gold . . . which is being carried on by Governor George L. Harrison, above, New York Federal Reserve bank.

they Agured out at w'hat price level most of the present burden of debt w r as contracted. It worked out that most of the money was borrowed when prices were just about at the same level they were in 1926. Then they studied insurance statistics, and found that insurances policies, which represent savings, also were created largely at price levels of 1926, which happens to be a 15-year average for the years 1918-1932. n a tt PROFESSOR W A R R E N’ S theory, complicated in detail, is simple enough in principle. He believes that the return of a debtburdened world to the gold stand-

ard after the war created such a f rush for gold that its value w'as ! pushed up out of all proper relationship to prices of other things. Therefore, since the value of gold in dollars is Axed by law, the thing to do is to make w r hat gold you have serve as a base for more dollars, devaluate the dollar by decreasing that each dollar stands for less gold than before. Naturally, then, it takes more dollars to buy anything, and the price of everything rises. Rather than change this gold-and-dollar relationship by law on a permanent basis, it w r as decided to experiment. That is, by offering more dollars for new gold in this country and for gold in

foreign countries, it was Agured the same effect could be had, yet the prices could be changed from day to day as results w r ere noted. Governor George L. Harrison of the New York Federal Reserve bank was given power to conduct these dealings at whatever prices and in whatever volume he wishes. He can keep buying gold at higher prices than exist today as long as it is desired to keep prices moving up. There is, of course, considerable question as to whether it really is as simple as that. Many economists believe that a rise in prices does not necessarily follow (Turn to Page Twenty-seven)

Second Section

Entered as Second Class Matter at Poatoffli'e. Ir4tanapolla

OFFICIAL RECOGNITION OF RUSSIA IS EXPECTED AT CAPITAL BEFORE NIGHT Mysterious, Amazing' Events Point Toward Renewal of Formal Relations With Soviet Union. BY WILLIAM PHILIP SIMMS Seripps-Howard Foreign Editor WASHINGTON, Nov. 17.—Recognition of the Soviet Union was expected liefore President Roosevelt takes his train for Warm Springs tonight. Gathering momentum with each passing hour, events moved swiftly far into last night, some mysterious, some almost amazing, but all leading in a single direction—toward renewal of formal relations with Moscow. Under the cover of night, army truck after army truck drove into the alley behind the long-deserted and boardedup old Russian embassy in Sixteenth street, and while police stood guard, soldiers loaded them with boxes, seemingly without number. Few, if anybody, knew what was going on. Outside it was dark and intensely cold. As soon as the trucks were loaded they slipped out of the alley again, rolled past the White House and wound up

at one of the temporary government buildings in the Mall. Here another crew took charge and unloaded the packing cases. Other trucks carried their freight elsewhere for storage. , Apparently on the verge of recognizing Russia. Uncle Sam, who has been in official charge of the old czarist embassy ever since the break sixteen years ago. is preparing to turn the place over to its new masters. The boxes are said to contain the personal belongings of former occupants of the building. M. Boris Bahkmeteff, representing the Kerensky government, was the last Russian ambassador to occupy it. “What are you doing?” the soldiers were asked. “Don’t know,” was the reply. ’ What are you taking out of the embassy?” “Don’t know.” “Where are you taking the boxes?” “They told us to follow the truck ahead.” The present representatives of Russia here denied they knew what w T as taking place at the old embassy Until they are formally recognized and sign the necessary papers, they are denied access. While the trucks were rumbling past the White House a cabinet dinner was in progress. Later followed a reception at which were present not only Maxim Litvinoff, Soviet foreign minister, and Boris

Skvirsky, able director here for a decade of the Soviet information bureau, but Mrs. Skvirsky as well. This, in itself, seemed to presage : imminent recognition. Obviously, I the President has before never been | in a position to invite to the White House any of the Soviet officials or their wives. Another indication that recogni- ! tion was on the w r ay came earlier in | the day. It was announced that | Harry F. Payer, assistant secretary | of state, had been appointed to the Reconstruction Finance Corporation as special counsel in foreign and.export matters, i It was especially signiAcant that, in making the announcement, it was stated that Judge Payer’s duties would be largely in connection with those sections of the ReconI struction Finance Corporation and j emergency relief acts w'hich have to I do with a special kind of foreign ' trade. Under these sections the RFC is authorized to make loans to Ana nee the sale of surplus farm and other products in the markets of foreign j countries in w'hich such sales can not be Ananced in the normal | course of commerce. Under this, Russia recently bought $4,000,000 i worth of surplus cotton, and. it is j said, is now in the market for ap- ! proximAtely $50,000,000 more, plus j equally as much machinery, live ' stock and other American products.